One of the most powerful succession assets that you have built over the past few decades – and possibly much longer – is your family’s story. The story of how you have built your business, overcome many challenges, pursued your vision, and remained true to your values. It may seem insignificant to you, but to your future generations, it is golden.
Active Knowledge Question:
How well do you think your children, grandchildren and great-grandchildren know the story of your life and that of your family?
Over the past few weeks, I have written about building independence not dependence, creating harmony and prosperity and developing capability in your children and your future generations.
For me, the greatest outcome that can be achieved from any succession process, and simply the raising of your children, is the growth of people who are capable and responsible individuals who can provide for and look after themselves.
It may seem a very low threshold when considering the vast sums of wealth that are often transitioned across generations, but capable children will always be able to effectively manage such a transition and build upon them for the ensuing generations.
On the other hand, children that have become accustomed to wealth as their crutch in life often struggle with the responsibility when it is left to them.
The story of your family and how you came together, created a business, developed the family wealth, overcame many business and personal challenges to be successful is an invaluable testimony to future generations. It is also a roadmap to guide them in their journey in continuing to develop the businesses, the wealth, the succession and, most importantly, healthy and united families.
But these stories are more often than not lost from one generation to the next and just become vague memories. Your children grew up with you as you built the business, but you likely hid much of the life lessons from them and they only viewed your experiences through their eyes as children. Therefore, their ability to pass on your learnings are limited.
For those who are grandparents and great-grandparents, have you noticed that your grandchildren and great-grandchildren take a keen interest in you, what you did in your life, and the experiences you have to share with them? Without the capturing of your family story, much of what you can pass onto them could be lost.
The capturing your family story is not an exercise in pride or ego, but rather the recording of the significant lessons that your family invested significant time, pain and money in experiencing. It is an invaluable part of the legacy that should endure and always be added to by each generation.
Take the time and create a record of your family’s story for the guidance and benefit of future generations.
An entirely new level of performance.
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All the best in the success of your business,
Richard Shrapnel
